Property sale

[sharp1]

If a property is on the market for 99,500 but have excepted an offer of 95,000 on the basis of it being a cash payment. then months later after purchaser had already agreed the deal. the estate agent rings up to tell us the purchasers morgage lender will only lend 92,500 not 95,000. Even though i was told that it was a cash payment! what can be done, if the purchaser has agreed surely hes bound to buy the property? any help would be gratfully appreciated. john

[Oneeyedvic]

Agreed, unfortunately, nothing you can do until contracts are exchanged. I would change your estate agent and complain as they should have checked the buyers credentials. Although it probably doesn't help, this is not an uncommon problem and around 40% of houses do come back onto the market for various reasons.

[tomd]

From watching "The Million Pound Property Experiment" I picked up that nothing is final until the cash has actually changed hands (they had some buyers withdrew offers) Tell them to sell their car or wife or something.

[Oneeyedvic]

Not until the money changes but on exchange. Once the exchange has taken place (and it can be a week later until completion) you are in an irrevocable agreement. If you do back out the other party can (and probably will) sue

[secretspirit]

This happened to me four years ago - we'd got almost up to exchange of contracts and the purchasers announced they could only afford �2500 under what they had previously agreed. Our solicitor said they were entitled to do that if we accepted. We went along with it 'for a quick sale'. Ah haha haha ha. They turned out to be the most troublesome buyers ever and the purchase took 6 months with them dallying around every step of the way. About a month after they moved in a brand new kitchen had been fitted in our old house. My advice would be to put it back on the market and find a new buyer - don't get ripped off.

[undercovers]

they're trying it on, put it back on the market for 95,500 and give it a few days I bet they come back again... don't fall into the bracket of a distressed seller as the sharks will start circling - just tell them your not desperate and will hold out for the "true" value of your property

[Hammer]

Don't accept. I bet they miraculously find the extra dosh.

[FTVS]

Agree with all the above but sharp1 - please let us know what you do and what happens.

[WoWo]

Indeed, They may not be trying it on but I'd definatly say that they are not to be trusted. If your talking months later as you say the property may have risen in that time and you should be able to find another buyer at 95,000.

[sharp1]

Just to let you know, I havnt excepted the offer of 92,500 and have given in my 2 week notice to leave the estate agents in question. havent had a reply as yet though. Have been told that its likely the offerer is a friend of the estate agents...if so this is v.bad practice. Im back on the market for 99,500 and hopefully i can get some interest nearer this level. Thanks for all the answers they were v.helpful.